Seriously, that's your argument? By this logic, Left4Dead, Call of Duty, Uncharted 2 and every other multiplayer game under the sun should not have matchmaking because you might end up with some "screaming little kid" or "people who just drop out".
So what you're saying is that to play multiplayer games, one must:
A) Have friends that own the same console.
B) Have friends that own the same game.
C) Have friends that want to play the same game online.
D) Have friends that want to play the same game at the same time.
E) Have enough friends that fit the above 4 criteria to play a proper match.
If and only if all 5 of these criteria are met can one then play multiplayer. Otherwise, one is shit out of luck. You're replacing a chance to encounter bad players with virtually no chance to play multiplayer at all. If this is the kind of mutliplayer experience you advocate, I highly suggest you don't pursue a career in game design. The Neo Gaffs would not be happy.
This is just poor and/or lazy game design. If the portion of the Halo 3 engine they used can't support matchmaking then it was a mistake to use that engine in the first place. If they want to justify charging full price for it, they shouldn't treat it like an expansion.